Asset Acceptance is Michigan‐based debt collector and debt buyer that purchases old delinquent debts for "pennies on the dollar" and then attempts to collect the debt, in full, one‐hundred cents on the dollar. Debt buyers are often large corporations that do business on an enormous scale, often collecting debts under a variety of names. In 2006 the ten largest debt buyers accounted for 81% of all bad debts purchased. Major debt buyers with revenues over $100 million (well over $100 million in many cases) include Sherman Financial Group, Unifund, Asset Acceptance Corp., Firstcity Financial Group, Encore Capital Group, Portfolio Recovery Associates, and Asta Funding.

In its 2004 Annual Report Asset Acceptance Capital Corp. reported a five year and longer time frame for collection of the defaulted debts it purchased, meaning that financially distressed families were hearing from Asset Acceptance again for five or ten years. (Asset Acceptance Corp.'s Annual Report Form 10‐k for 2004, at, 29 shows millions of dollar of consumer payments in 2004 on debt purchased more than five years before with some payments going back to 1993.

From 1998 through 2007 Asset Acceptance purchased consumer debt portfolios with an originalcharged‐off face value of over $32 billion for $746 million, or 2.32 cents on the dollar. (As reported in the Asset Acceptance Annual Report for the year ending Dec. 31, 2007).

Sometimes a debt collector will get out of hand when they are trying to collect a debt. However, a federal law (the Fair Debt Collection Practices Act), and some state laws (for example, the California Fair Debt Collection Practices Act), regulate debt collectors. The Fair Debt Collection Practices Act (FDCPA) protects the rights of consumers who are being harassed and abused by debt collectors. This federal law governs what debt collector can and cannot do when they attempt to collect debts. Some states, like California, also regulate how original creditors can and cannot collect debts.

Are you being harassed by a debt collector?

Contact Consumer Protection Lawyer Ronald Wilcox

If you are being harassed and abused by Asset Acceptance, or any other debt collector whether or not you owe the debt, you should contact consumer protection lawyer, Ronald Wilcox. We can help MAKE THE HARASSMENT STOP!